SacOil has joined a consortium to help develop the Bioko Oil terminal tank farm in Equatorial Guinea.
The South African oil and gas company has teamed up with Taleveras Group, Gunvor Group and the Strategic Fuel Fund.
The terminal is set to be a massive storage facility and has been spearheaded by the Ministry of Mines, Industry and Energy of Equatorial Guinea.
The government aims to establish the country as the premier storage location in West and Central Africa.
Last month an MOU was signed with the companies to help establish the terms of funding and initial development of the tank farm.
SacOil will participate in the project under the same agreement.
Dr Thabo Kgogo, chief executive of SacOil Holdings, said: “SacOil welcomes this opportunity to work with a strategic partner such as the Ministry of Mines, Industries and Energy to add needed
oil and petroleum products storage capacity in West and Central Africa.
“The project fits well with the Company’s overall strategy of diversifying the business into midstream and downstream activities.”